this post was submitted on 20 May 2024
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2
Linux Inventor Says He Doesn’t Believe in Crypto (u.today)
submitted 11 months ago by [email protected] to c/[email protected]
33 comments fedilink hide all child comments
 
  • Linus Torvalds, creator of Linux, does not believe in cryptocurrencies, calling them a vehicle for scams and a Ponzi scheme.
  • Torvalds was once rumored to be Bitcoin creator Satoshi Nakamoto, but he clarified it was a joke and denied owning a Bitcoin fortune.
  • Torvalds also dismissed the idea of technological singularity as a bedtime story for children, saying continuous exponential growth does not make sense.
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[–] [email protected] 0 points 11 months ago (9 children)

Crypto means cryptography, stop using it to talk about cryptocurrency.

[–] [email protected] 0 points 11 months ago (3 children)

Yeah, that headline is very misleading. Crypto(graphy) is essential for the digital world to exist whereas the other stuff is a pyramid & money laundering scheme.

[–] [email protected] 0 points 11 months ago (1 children)

So the equivalent of the population of the United States plus 40% are money-londerers. Because somewhere between five and seven percent of the world's population uses cryptocurrency and that's 400 million to 550 million people.

[–] [email protected] 0 points 11 months ago (1 children)

I doubt it

[–] [email protected] -1 points 11 months ago

Increasing demographics might initially be attributed to a rise in the number of accounts and improvements in identification. In 2021, however, crypto adoption continued as companies like Tesla and Mastercard announced their interest in cryptocurrency. Consumers in Africa, Asia, and South America were most likely to be an owner of cryptocurrencies, such as Bitcoin, in 2022.

That's functionally the nut of it. People in countries that lack a traditional western banking sector but enjoy internet access can piggyback on the network of banks with crypto-interfaces. This is more a consequence of the unregulated wing of the financial sector than an raw utility of cryptocurrency itself.

If WellsFargo won't ratify me as a client, but Coinbase will, I'm stuck dealing in bitcoin simply because I can't get a credit card denominated in USD.

[–] [email protected] 0 points 11 months ago* (last edited 11 months ago) (1 children)

It’s useful for buying drugs online on the dark web so I for one like it

[–] [email protected] -1 points 11 months ago

All the fentanyl you can snort.

[–] [email protected] 0 points 11 months ago (1 children)

It's not "misleading," because the vast majority of people understand what the current colloquial use of crypto is.

[–] [email protected] -1 points 11 months ago

A certain irony in a synonym for "secret" being a term everyone's implicitly familiar with.

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